Meridian Wealth Management LLC Buys 3,300 Shares of Sonos, Inc. (NASDAQ:SONO)

Meridian Wealth Management LLC grew its position in Sonos, Inc. (NASDAQ:SONO) by 20.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 19,760 shares of the company’s stock after acquiring an additional 3,300 shares during the period. Meridian Wealth Management LLC’s holdings in Sonos were worth $243,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of SONO. Vanguard Group Inc. increased its holdings in Sonos by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 14,251,179 shares of the company’s stock worth $271,627,000 after purchasing an additional 163,736 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Sonos by 24.8% in the second quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock valued at $51,946,000 after buying an additional 699,975 shares during the period. American Century Companies Inc. raised its holdings in Sonos by 8.6% in the 2nd quarter. American Century Companies Inc. now owns 2,689,118 shares of the company’s stock valued at $39,691,000 after buying an additional 212,610 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Sonos by 10.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company’s stock worth $39,248,000 after buying an additional 241,700 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Sonos by 21.9% during the 2nd quarter. Victory Capital Management Inc. now owns 1,842,770 shares of the company’s stock worth $27,199,000 after buying an additional 331,293 shares during the period. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

SONO has been the subject of several recent research reports. Morgan Stanley cut shares of Sonos from an “overweight” rating to an “underweight” rating and decreased their price target for the company from $25.00 to $11.00 in a research report on Thursday, September 26th. Craig Hallum downgraded Sonos from a “buy” rating to a “hold” rating and decreased their price objective for the company from $25.00 to $10.00 in a report on Thursday, August 8th.

Sonos Price Performance

Shares of SONO stock opened at $14.00 on Tuesday. Sonos, Inc. has a one year low of $10.23 and a one year high of $19.76. The business’s 50 day simple moving average is $12.78 and its 200 day simple moving average is $13.54. The stock has a market capitalization of $1.70 billion, a PE ratio of -42.42 and a beta of 2.04.

Sonos (NASDAQ:SONO) last announced its earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.22). Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. The firm had revenue of $255.38 million for the quarter, compared to the consensus estimate of $247.92 million. During the same period in the prior year, the business earned ($0.21) EPS. Sonos’s quarterly revenue was down 16.3% on a year-over-year basis. As a group, research analysts expect that Sonos, Inc. will post -0.3 earnings per share for the current year.

Sonos Company Profile

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.